Ethical Standards in Health Care Accounting Essay

As a health c atomic number 18 coach, on that point is a need to understand the radix accounting principles and the need to be open to look at a fiscal report and understand what it says. Without these mentions and a skillful honorable compass, there could be wicked consequences and could result in loss of revenue, funds, termination, or even prison time. Now this may seem like an extreme statement, tho without using the quartette elements of monetary focussing and some comfortably common sense, it world power not be a out-of-the- elan(prenominal) stretch of the truth. This paper leave behind place the four elements of financial management and how good ethical standards and common sense escort the high hat results.The Four Elements of monetary steeringFinancial management is simply put down managing the financial aspect of a business. That involves coin coming in and cash handout out. There atomic number 18 four elements of financial management which include planning, imperious, organizing and directing, and decision fashioning. These four elements are important and need to be discussed separately. meanThe purpose (of planning) is to identify objectives and consequently to identify the steps required for accomplishing these objectives (Baker & Baker, 2011, p. 5). Planning allows a manager to understand what his or her organization is about, or what it wants to achieve. This stage allows a manager to lay out the rudimentary roadmap for what needs to happen. This does not meant that this is exactly what will happen, but still it provides a starting point. Creating a plan also requires melodic theme into developing checks and balances. Who will be in charge of what, and who will be observance over whom. Plan to make it herculean for someone to make unethical decisions. agree to Chuck Gallagher, a business moral philosophy and fraud prevention expert wrong behavior(s) that morphs into fraud will always boast (need, opportunity, and rationalization) at their core (Gallagher, 2009, p.41). Planning helps lapse the opportunity for fraud.ControllingThe purpose of controlling is to ensure that plans are existenceness followed (Baker & Baker, 2011, p. 5). At this stage managers practise reports to see what areas are and what areas are not following their plans. The manager uses reports to ensure that financial targets are being met and that fraud is not occurring. Depending on the coat of the organization, there may be to a greater extent layers of controls put into place. It mogul be best to do someone that keeps allone honest, at double levels. According to a quote in an article in Healthcare Financial Management, every organization ought to constitute a set of sightlyly detailed knowledgeable controls that protect its key assets. These controls should be reviewed by external and internal auditors or round to make sure they are being adhered to (Sandrik, 1993, p. 4).Organizing and directiveOrgan izing is determining how best to use existing resources to achieve the goals of the company or organization. A few examples of this could be whether to have multiple nurses in the pediatric part today when they are needed in the ER, or whether to keep an ultrasound auto that is rarely used in a clinic, when it could best be served somewhere else. Directing is the day to day job of ensuring that resources are organized or designated in the some efficient manner. ending MakingDecision making is done continually passim the other three elements or stages. any time something is planned, controlled, or organized, it was because someone do a decision. Remember when making decisions to base them on the four principles of business ethics, autonomy, which assumes every human being is capable of making his or her own choices justice, which requires actions and practices to be fair and nondiscriminatory beneficence, which promotes human welfare and non-maleficence, which ensures protection of individuals from maltreat (Sandrik, 1993, p. 5).Keeping transparency in a business is a great way to keep people honest as well. In July, 2010, The Healthcare Group purchasing Industry Initiative (HGPII) received rave reviews for it activating a formal procedure to ensure prompt and fair dissolvent of supplier complaints and for implementing an Independent Advisory Council to have outside observers make sure they are doing everything possible in terms of ethical standards (Freeman, 2010, pp. 3).ConclusionFinancial accounting might look like pages of numbers or gibberish however they are the key to unlocking income potential, and success. Whether a manager is directly in charge of the reporting or in charge of something completely different, understanding these reports keister help make an organization more efficient, able to offer more services, or even more profitable.